[151 Pages Report] The data lakes market size is estimated to grow from USD 2.53 Billion in 2016 to USD 8.81 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.3%. The year 2015 is considered to be the base year while the forecast period is 2016 to 2021.Data lakes is a data storage and management platform used to store and manage large volumes of structured and unstructured data in their native format and restore it faster whenever needed.

The objective of the report is to define, describe, and forecast the data lakes market on the basis of software, services, business functions, deployment models, organization size, industry verticals, and regions and also to provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).

The research methodology used to estimate and forecast the data lakes market begins with capturing data on key vendors revenues through secondary research sources such as companies websites, Factiva, and Hoovers, among others. Other secondary sources include annual reports, press releases, and investor presentations of companies; white papers and certified publications; and articles from recognized authors, directories, and databases. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the below figure.

The study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments.

Scope of the Report

The research report categorizes the data lakes market to forecast the revenues and analyze the trends in each of the following sub-segments:

By Type

Software

Service

By Software

Data Discovery

Data Integration and Management

Data Lakes Analytics

Data Visualization

By Service

Managed Services

Professional Services

Data Lakes Services

System Integration and Deployment

Support and Maintenance

By Business Function

Marketing

Sales

Operations

Finance

Human Resources

By Deployment Model

On-premises

Hosted/On-cloud

By Deployment Model

Large Enterprises

Small and Medium Enterprises (SMEs)

By Industry Vertical

BFSI

Telecommunication & IT

Retail & ecommerce

Healthcare & Life Sciences

Manufacturing

Government

Energy & Utilities

Media & Entertainment

Others

By Region

North America

Europe

Middle East and Africa (MEA)

Asia-Pacific (APAC)

Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:

Geographic Analysis

Further breakdown of the North American data lakes market

Further breakdown of the European market

Further breakdown of the APACmarket

Further breakdown of the MEA market

Further breakdown of the Latin American market

Company Information

Detailed analysis and profiling of additional market players

The data lakes market size is expected to grow from USD 2.53 Billion in 2016 to USD 8.81 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.3% during the forecast period. The major growth drivers of the market include need for increased business agility and accessibility, increasing adoption of Internet of Things (IoT), potential for in-depth insights to drive competitive advantage, and growing volume and variety of business data.

The data lakes market is segmented by software and services. The services segment is expected to grow at the highest CAGR during the forecast period, out of which data lakes services in the services segment is projected to witness the highest demand due to the growing need of data lake software solutions across organizations.

BFSI holds the largest share of the data lakes market in 2016. The growth is fueled by the growing need of people to simplify their workload related to security and their increasing dependence on data generated from various IT systems used for financial transactions. Healthcare & life science is expected to grow at the highest CAGR during the forecast period due to the increasing need to store and manage data coming from various connected healthcare devices and health record systems used across healthcare organizations.

Major business functions for which the data lake is deployed are marketing, sales, operations, finance, and human resources. The adoption of data lakes market for operations is expected to increase significantly in the coming years because of the increasing need for resolving operations related issues in real-time and the need for streamline operations across industries.

Organizations are fast deploying data lakes solutions either on their premises or on-demand. The demand for on-demand or cloud-based data lakes market solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SMEs where low cost solutions are much required.

The global market has been segmented on the basis of regions into North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to continue being the largest revenue generating region for data lakes vendors for the next five years. This is mainly because in the developed economies of the U.S. and Canada, there is a high focus on innovations obtained from research and development and technology. The APAC region is expected to be the fastest-growing region in the data lakes market because of the increasing adoption of IoT and smart technologies and various government initiatives such as smart cities across APAC countries including China and India.

The data lakes market faces challenges such as data security & privacy concerns, and lack of appropriate analytical skills. Factors such as lack of transformation from traditional data storage and analytics techniques, and lack of long-term data governance are expected to limit the market growth.